Statements of Position



Download Full Text (344 KB)


This proposed Statement on Responsibilities in Personal Financial Planning Practice (SRPFP) is intended to provide guidance to members of the AICPA who perform personal financial planning services. This proposed SRPFP is advisory and does not constitute enforceable technical standards under rule 202 of the AICPA Code of Professional Conduct. This proposed SRPFP does not supersede Statements on Standards for Accounting and Review Services, Statements on Responsibilities in Tax Practice, the Personal Financial Statements Guide, or the Guide for Prospective Financial Statements. The issuance of this exposure draft was approved by the PFP Executive Committee. This proposed SRPFP provides guidance to CPAs who have been engaged to monitor a client's progress toward financial planning goals or to update recommendations for attaining those goals and explains that CPAs are not responsible for undertaking these services unless specifically engaged by a client. This proposed SRPFP identifies various levels at which CPAs may become involved in monitoring financial plans, suggests certain monitoring activities that should be undertaken, and indicates that CPAs should monitor financial plans using the same criteria used to develop the plans. Furthermore, it recommends that CPAs communicate the results of monitoring procedures to clients and provides sample communications. This proposed SRPFP provides guidance on updating engagements, which are normally undertaken as a result of information obtained during a monitoring engagement. This proposed SRPFP explains that updating a client's financial plan is essentially similar to developing personal financial planning recommendations. Accordingly, CPAs can look to SRPFP No. 1, Basic Personal Financial Planning Engagement Functions and Responsibilities, for guidance as they plan and execute an updating engagement. In addition, this proposed SRPFP clarifies that CPAs updating a financial plan should consider the fact that updating one financial planning recommendation may affect other aspects of the plan, recommends that CPAs communicate the fact when limitations have been placed on the portions of the plan being updated, and provides a sample communication.

Publication Date


Relational Format



Accounting engagements -- Standards -- United States


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on responsibilities in personal financial planning practice : Monitoring and updating engagements -- functions and responsibilities;Monitoring and updating engagements -- functions and responsibilities; Exposure draft (American Institute of Certified Public Accountants), 1994, Apr. 8



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.